AN AVERAGE OF 143 new start-ups were established every day in February, according to new figures out today.
That’s an increase of 7 per cent on the same month last year – and it’s the first time since 2007 that over 1,500 new companies have been formed in the first two months of the year.
The professional services sector was the most popular industry for start-ups, accounting for just over 23% of new firms.
Almost half of all the new start-ups were in Dublin – followed by Cork (10%). Limerick, Galway, Kildare and Meath accounted for a further 16% between them.
Meanwhile, insolvencies dropped by a quarter in February, compared to the same period last year, according to the figures from credit risk analysts vision-net.ie.
96 Irish companies were made insolvent last month, compared to 120 in the same month last year.
Managing Director of Vision-net Christine Cullen said the increase in start-ups was encouraging, and showed there was “greater consistency in the number of companies starting up”.
“While the professional services industry remains the most popular sector for new start-ups, last month was also a positive one for the agriculture and construction sectors – key drivers of economic recovery.”
Meanwhile, the drop in insolvencies is also an”encouraging sign,” she said.
It suggests that the overall success rate of companies is improving “particularly in the manufacturing, construction and real estate sectors”.